PMAY vs. XBAP

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - May (PMAY) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP).

PMAY and XBAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PMAY is a passively managed fund by Innovator that tracks the performance of the S&P 500 Price Return Index. It was launched on Apr 30, 2020. XBAP is an actively managed fund by Innovator. It was launched on Mar 31, 2021.

Performance

PMAY vs. XBAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - May (PMAY) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). The values are adjusted to include any dividend payments, if applicable.

PMAY vs. XBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PMAY Innovator U.S. Equity Power Buffer ETF - May	0.88%	10.26%	14.08%	12.05%	-8.08%	5.93%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	1.23%	13.38%	11.55%	20.53%	-7.59%	7.48%

Returns By Period

In the year-to-date period, PMAY achieves a 0.88% return, which is significantly lower than XBAP's 1.23% return.

PMAY

• 1D: 1.47%
• 1M: 0.03%
• YTD: 0.88%
• 6M: 2.69%
• 1Y: 11.56%
• 3Y*: 11.49%
• 5Y*: 6.72%
• 10Y*: —

XBAP

• 1D: -0.12%
• 1M: 0.52%
• YTD: 1.23%
• 6M: 3.38%
• 1Y: 12.13%
• 3Y*: 12.52%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PMAY vs. XBAP - Expense Ratio Comparison

Both PMAY and XBAP have an expense ratio of 0.79%.

PMAY

Innovator U.S. Equity Power Buffer ETF - May

XBAP

Innovator U.S. Equity Accelerated 9 Buffer ETF - April

Return for Risk

PMAY vs. XBAP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PMAY

PMAY Risk / Return Rank: 71
PMAY Sharpe Ratio Rank: 62
PMAY Sortino Ratio Rank: 66
PMAY Omega Ratio Rank: 89
PMAY Calmar Ratio Rank: 57
PMAY Martin Ratio Rank: 82

XBAP

XBAP Risk / Return Rank: 77
XBAP Sharpe Ratio Rank: 68
XBAP Sortino Ratio Rank: 72
XBAP Omega Ratio Rank: 94
XBAP Calmar Ratio Rank: 63
XBAP Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PMAY vs. XBAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - May (PMAY) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PMAY	XBAP	Difference
Sharpe ratio Return per unit of total volatility	1.10	1.21	-0.11
Sortino ratio Return per unit of downside risk	1.68	1.83	-0.15
Omega ratio Gain probability vs. loss probability	1.38	1.45	-0.07
Calmar ratio Return relative to maximum drawdown	1.45	1.61	-0.16
Martin ratio Return relative to average drawdown	9.19	10.81	-1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMAY vs. XBAP - Sharpe Ratio Comparison

The current PMAY Sharpe Ratio is 1.10, which is comparable to the XBAP Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of PMAY and XBAP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PMAY	XBAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	1.21	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.90	+0.05

Correlation

The correlation between PMAY and XBAP is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PMAY vs. XBAP - Dividend Comparison

Neither PMAY nor XBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

PMAY vs. XBAP - Drawdown Comparison

The maximum PMAY drawdown since its inception was -13.05%, smaller than the maximum XBAP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for PMAY and XBAP.

Drawdown Indicators

	PMAY	XBAP	Difference
Max Drawdown Largest peak-to-trough decline	-13.05%	-14.57%	+1.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-8.25%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-13.05%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.12%	-0.01%
Average Drawdown Average peak-to-trough decline	-2.17%	-1.80%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	1.23%	+0.06%

Volatility

PMAY vs. XBAP - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - May (PMAY) has a higher volatility of 2.20% compared to Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) at 0.52%. This indicates that PMAY's price experiences larger fluctuations and is considered to be riskier than XBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAY	XBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	0.52%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	1.75%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	10.12%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.69%	9.99%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.50%	9.99%	-1.49%